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| Registered on: | 11/4/2021 |
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Sorry to the guys who answered my initial question. Next day I played plumber had to dig up some of my water lines. Thank you for taking time earlier and replying, its appreciated.
Anyways, I been a tax CPA for 10 years so this may or may not help. I'm not 100% on anything and its not advice, more informational. Have your CPA or yourself look into abandonment of property.
Intent does matter sometimes in tax and I believe the spirit of an airdrop is free stuff or forked into several different, yet still valuable coins/tokens. Using $10,000 as an example: $10,000 airdrop would be ordinary income and abandoned the old token would produce a 10,000 loss, net zero. Of course that 1,000 of free tokens is income. None of this is treated as Capital gain/loss. It would be treated as ordinary gain/loss. When you get stuck in capital territory, there are limitations and you can look that up.
I deal with this regularly with partnership interests. If my clients want out with nothing in return, I tell them do not even accept 1 penny. Accepting even one penny would be considered a sale and counted as a capital loss. You want to abandon it completely and get an ordinary loss. This is over simplified of course and does not consider many factors.
Any Joe Blow CPA probably has not encountered this so do some research. Also, this is not meant to pump or discredit this token because IDGAF long as there is a gain! I may be wrong on all this.
Edit: I determined I could be missing basis issues from abandoning the crypto. IE - Not deducting the value but only the skin in the game. I have skin in this game too, so just talking out loud and trying my best to avoid. My original theory probably wont work as good as I thought.
Anyways, I been a tax CPA for 10 years so this may or may not help. I'm not 100% on anything and its not advice, more informational. Have your CPA or yourself look into abandonment of property.
Intent does matter sometimes in tax and I believe the spirit of an airdrop is free stuff or forked into several different, yet still valuable coins/tokens. Using $10,000 as an example: $10,000 airdrop would be ordinary income and abandoned the old token would produce a 10,000 loss, net zero. Of course that 1,000 of free tokens is income. None of this is treated as Capital gain/loss. It would be treated as ordinary gain/loss. When you get stuck in capital territory, there are limitations and you can look that up.
I deal with this regularly with partnership interests. If my clients want out with nothing in return, I tell them do not even accept 1 penny. Accepting even one penny would be considered a sale and counted as a capital loss. You want to abandon it completely and get an ordinary loss. This is over simplified of course and does not consider many factors.
Any Joe Blow CPA probably has not encountered this so do some research. Also, this is not meant to pump or discredit this token because IDGAF long as there is a gain! I may be wrong on all this.
Edit: I determined I could be missing basis issues from abandoning the crypto. IE - Not deducting the value but only the skin in the game. I have skin in this game too, so just talking out loud and trying my best to avoid. My original theory probably wont work as good as I thought.
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Dude, sorry for seeming sketch with my first post ever on TD. What you thinking odds of SEC walking in? They keep making posts about buying the dip and to the moon and it's making me nervous. I was trying to ride my f250 to a paid off house but now considering sticking to the truck.
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